ShangPharma Corp. (SHP: Quote) is rising over 23 percent to $8.50. The company announced that it has received a non-binding proposal letter from its chairman and chief executive officer, Michael Xin Hui, and entities affiliated with him and TPG Star Charisma Ltd. and its affiliates in a going private transaction between $8.50 and $9.50 per ADS in cash.
Seagate Technology (STX: Quote) is down 3 percent to $24.32. The company lowered its fourth quarter revenue guidance citing lower shipments and a quality issue with a component supplier. The company also reduced its adjusted gross margin forecast.
Informatica Corp. (INFA: Quote) is down 28 percent to $31.21. The company lowered its second quarter earnings and revenue forecast, which is also below current Wall Street view. The company said it did not adapt as rapidly as it should have to the changing macroeconomic environment, especially in Europe.
Trading in shares of Dynegy Inc. (DYN: Quote) was halted. The company has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
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by RTT Staff Writer
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